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Weekahead: Markets may extend gains on parliament vote

Source : REUTERS
Last Updated: Fri, Nov 30, 2012 16:30 hrs
Brokers trade on their computer terminals at stock brokerage firm in Mumbai

Indian markets will closely track the vote on foreign direct investment in multi-brand retail in the parliament and manufacturing PMI for November next week.

The ruling Congress party-led alliance is expected to muster a majority in the lower house, but faces a tougher challenge in the upper house of the parliament.

Dealers say stocks may extend gains after a brief consolidation if the vote goes in favour of the government.

The Manufacturing PMI for November is also a key data to watch in the context of rising rate-cut expectations ahead of the RBI policy review on December 18.

KEY FACTORS/EVENTS TO WATCH:

Monday - India Manufacturing PMI for November

Wednesday: India Services PMI for November

Reserve Money data

Thursday - RBI board meet in Kolkata, likely followed by press briefing

Three-day International tax conference begins in Mumbai

Friday - RBI to release forex, bank lending data

Saturday - RBI Governor Duvvuri Subbarao and PM's Economic Advisory Council Chairman C. Rangarajan at IGIDR event in Mumbai.

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